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Suppose that, initially, the Michigan economy is in equilibrium with no unemployment. The supply of workers is ES = -1,000,000 + 200w, and the demand for workers is ED = 19,000,000 – 300w, where w = annual wages, and E = number of employed workers. Then, structural unemployment arises because the demand for labor falls in Michigan but wages there are inflexible downward and no one moves out of state. If labor demand falls to ED = 18,000,000 – 300w, how many workers will be unemployed in Michigan
q1. explain why each of the following statements are false. for each write the correct statement.a. a monopolist
Making the right decision. Research a company that has been in the news for a significant business decision within the last 18 months. Summarize the decision that was made, and state your opinion on whether it was a good or bad move for the company. ..
Assume the market for used cars is set up as in the table below. There are two types of cars: lemons and peaches. Peaches are more reliable than lemons and thus have a higher value to both buyers and sellers. Sellers know the quality of their car, bu..
Peggy-sue's cookies are the best in the world, or so I hear. She has been offered a job by Cookie Monster.
If MC was $10 per unit, how much would the firm chose to produce? If FC was $200, how much does the firm earn in profits?
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4). Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
Under what supply and demand conditions would an excise tax create a large incidence of the tax on suppliers and a small incidence of the tax on consumers? Explain how this works.
IN what did South have a comparative advantage. Did Civil War change any opportunity costs in South. Did opportunity cost of everything rise. Or did items cost less.
If the cost for the first semiannual period is expected to be $85, what is the present worth of the costs for a 4-year time period at an intrest rate of 1% per month?
Identify each of the following as expansionary fiscal policy, contractionary fiscal policy, not fiscal policy a. taxes are increased to reign in the economy b. the Federal Reserve increases the interest rate paid on reserves in attempt to reign in th..
Indicate whether each of the following statements describes an increase in demand, decrease in demand, change in quantity demanded, increase in supply, decrease in supply, or change in quantity supplied in the given market.
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $190 million in the first year, but will decline by $2 million every year for the next 3..
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